Hyderabad: Chairman of State Bank of India chairman Rajnish Kumar Saturday said the country can become a USD 5-trillion economy, but was skeptical whether it is achievable by 2024-25 as envisaged by the government.
Speaking at an interactive session organsied by FICCI, he said private investment was necessary for achieving the target.
USD 5 trillion. We will definitely achieve, there is no doubt. Timeframe, I am not certain. Whether we’ll achievein five years, it is like, a very difficult question to answer. But USD 5trillion, we will achieve for sure and again I am saying that it will come on the back of private sector investments revival,” Kumar said replying to a query.
According to him, the government investments alone cannot achieve it and there is a need for huge investments in the infrastructure sector which would result in boosting the GDP.
FICCI president Sangitha Reddy said there is a slowdown in the economy and the government needs to infuse Rs one-two lakh crore to revive the sentiment. This is one thing that we, industry, believes that notwithstanding any impact it may have on fiscal deficit, the government must find ways to induce at least Rs one-two lakh crore into the economy to boost construction and infrastructure once again, she said.
According to her, there were pending bills getting piled up at every sector and there is a need for structural reforms for boosting the sentiment which would result in re-accelerating the economy.
Reddy said the USD 5-trillion economy target cannot be achieved either by the government or industry alone and they should ‘clap hands’ together to achieve it.
(PTI)